Waddell & Reed

Fund Detail

Ivy Tax-Managed Equity Fund
Class A Shares

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Fund Facts
Ticker Symbol IYEAX
CUSIP 466001831
Fund Code 699
Fund Type Domestic Equity
Fund Inception 4/19/2000
Class Inception 5/18/2009
Fiscal Year End December
Dividends Paid December
Fund Assets (as of 7/31/2016) $121.4 mil
Total Equity Holdings (as of 7/31/2016) 49
Total Holdings (as of 7/31/2016) 51
Portfolio Turnover Rate (as of 3/31/2016) 21%
Lipper Category Large-Cap Growth Funds
Morningstar Category Large Growth
Benchmarks Russell 1000 Growth TR USD
Daily Prices
as of 8/26/2016
Net Asset Value (NAV) $19.70
NAV Change ($) $0.02
NAV Change (%) 0.10%
Weekly NAV Change ($) ($0.14)
Weekly NAV Change (%) -0.71%
Public Offering Price (POP) $20.90
Historical Prices & Distributions
Please select a date
Fund Description

Seeking growth while minimizing potential taxable gains

Seeks to provide growth of capital while minimizing taxable gains and income to shareholders.
Invests in growth-oriented companies believed to have above-average levels of profitability and the ability to sustain growth over the long term.
Typically invests with conviction, holding a limited number of stocks. This allows for greater opportunity for the Fund’s manager to interact with company management and for the best ideas to drive performance.
Morningstar Style Box
Source: Morningstar
Returns and Expenses

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 7/31/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 1.07% -2.00% 12.40% 11.71% N/A 13.31%
Fund with 5.75% sales charge -4.73% -7.63% 10.20% 10.40% N/A 12.38%
Fund After Taxes Pre-Liquidation 1.07% -2.42% 11.81% 11.34% N/A 13.05%
Fund After Taxes Post-Liquidation 0.61% -0.80% 9.64% 9.32% N/A 10.92%
Russell 1000 Growth TR USD 6.14% 4.35% 12.86% 13.62% 9.50% 16.74%
Lipper Large-Cap Growth Funds 2.60% 0.03% 11.10% 11.70% 8.21% 14.42%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 6/30/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -3.79% -3.03% 12.52% 10.51% N/A 12.70%
Fund with 5.75% sales charge -9.31% -8.59% 10.32% 9.20% N/A 11.76%
Fund After Taxes Pre-Liquidation -3.79% -3.44% 11.93% 10.14% N/A 12.44%
Fund After Taxes Post-Liquidation -2.14% -1.35% 9.76% 8.33% N/A 10.39%
Russell 1000 Growth TR USD 1.36% 3.02% 13.07% 12.35% 8.78% 16.20%
Lipper Large-Cap Growth Funds -2.40% -1.68% 11.28% 10.41% 7.43% 13.81%
Expense Ratios
as of 7/31/2016
Net 1.22%
Gross 1.22%
Growth of a $10,000 Investment
through 7/31/2016

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Ratings and Rankings
Lipper Rankings
as of 7/31/2016
Category: Large-Cap Growth Funds
  Rank Percentile
1 Year 506 / 688 74
3 Year 163 / 628 26
5 Year 275 / 549 50

Rankings are based on average annual total returns, but do not consider sales charges.

Morningstar Ratings
as of 7/31/2016
Category: Large Growth
Overall (out of 1482 Large Growth)
3 Year (out of 1482 Large Growth)
5 Year (out of 1287 Large Growth)
10 Year (out of 924 Large Growth)

Ratings are based on risk-adjusted returns.

Portfolio Composition
(as a % of net assets as of 7/31/2016)
Domestic Common Stock 87.91%
Foreign Common Stock 6.85%
Cash and Cash Equivalents 5.24%
Sector Allocation
(as a % of equity holdings as of 7/31/2016)
Information Technology 32.9%
Health Care 21.9%
Consumer Discretionary 17.4%
Industrials 13.2%
Consumer Staples 8.2%
Energy 3.5%
Telecommunication Services 2.8%
Equity Country Allocation
(as a % of equity holdings as of 7/31/2016)
United States 92.8%
Ireland 3.6%
Israel 2.4%
Belgium 1.2%
Top 10 Equity Holdings
(as a % of net assets as of 7/31/2016)
Amazon.com, Inc. operates as an online retailer in North America and internationally.Amazon.com, Inc. 4.99%
Global customer relationship management company focused on sales, marketing and analytics.salesforce.com, Inc. 3.85%
Allergan plc 3.67%
Alphabet Inc., through its subsidiaries, provides online advertising services in the worldwide. The company offers performance and brand advertising services. It operates through Google and Other Bets segmentsAlphabet, Inc., Class A 3.61%
Facebook, Inc. operates as a social networking company worldwide. It builds various tools that enable users to connect, share, discover, and communicate with each other on mobile devices and computers.Facebook, Inc., Class A 3.54%
Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide. Apple, Inc. 3.49%
Shire plc (Shire) is a specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician.Shire Pharmaceuticals Group plc ADR 3.40%
Lam Research Corporation (Lam Research) is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry. The Company designs, manufactures, markets, and services semiconductor processing equipment used in the fabrication of integrated circuits.Lam Research Corp. 3.06%
Visa Inc. operates retail electronic payments network worldwide. It facilitates commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities.Visa, Inc., Class A 3.01%
Adobe Systems Incorporated operates as a diversified software company worldwide. It operates in three segments: Digital Media, Digital Marketing, and Print and Publishing. Adobe Systems, Inc. 3.00%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2016)
Top 10 Industry Allocation
(as a % of equity holdings as of 7/31/2016)
Pharmaceuticals 12.2%
Internet Software & Services 8.7%
Data Processing & Outsourced Services 7.9%
Internet Retail 7.6%
Application Software 7.2%
Biotechnology 7.0%
Railroads 4.0%
Cable & Satellite 3.9%
Technology Hardware, Storage & Peripherals 3.7%
Oil & Gas Equipment & Services 3.5%

Risk Factors: The value of the Fund's shares will change, and you could lose money on your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. These and other risks are more fully described in the fund's prospectus. Not all funds or fund classes may be offered at all broker/ dealers.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time.

Stylebox: The Morningstar Equity style box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

Index Description: The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It is not possible to invest directly in an index.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

The Class Y shares of Waddell & Reed Advisors Tax-Managed Equity Fund were reorganized as the Class I shares of Ivy Tax-Managed Equity Fund on May 18, 2009. The performance shown for periods prior to this date is that of the Class Y shares of Waddell & Reed Advisors Tax-Managed Equity Fund. Performance has not been restated to reflect the estimated annual operating expenses of the Ivy Tax-Managed Equity Fund. If those expenses were reflected, performance shown would differ. Ivy Tax-Managed Equity Fund Class I shares are not subject to sales charges.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

Information is subject to change and is not intended to represent any past or future investment recommendations.

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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